Strategic Minerals has announced that the U.S. Department of War has invested $9.25 million in its wholly owned subsidiary Cornwall Resources Limited to accelerate the Redmoor tungsten-copper-tin project in Cornwall, United Kingdom, through all feasibility studies and toward a final investment decision for mining operations. Redmoor represents Europe's highest-grade undeveloped tungsten resource and ranks among the highest-grade tungsten projects globally, according to the company.
Tungsten is a strong, dense metal with the highest melting point of any element, making it essential for superalloys used in turbine blades, rocket engine nozzles, and armor-piercing military ammunition. The U.S. Government investment reflects support for developing a secure allied tungsten supply and recognizes Redmoor's potential importance to U.S. and allied advanced manufacturing, defense, and critical minerals supply chains.
The funding is non-dilutive and carries no restrictions on future funding or offtake agreements. Combined with Strategic Minerals' existing cash resources and other grant funding opportunities, the investment will enable Cornwall Resources Limited to accelerate development beyond the previous pre-feasibility study phase. The company is now targeting completion of a full definitive feasibility study as the final economic study prior to final investment decision.
The investment will support ongoing resource infill and expansion drilling, geotechnical and metallurgical drilling, Mineral Resource Estimate updates, and reserve conversion activities. It will also fund prefeasibility and definitive feasibility studies, metallurgical and processing engineering studies, and pre-site development activities aimed at fast-tracking the transition to underground mining. The program is targeting completion of technical and commercial work required toward final investment decision within 32 months of the agreed program initiation date, with focus on U.S.-linked supply chain and offtake development discussions.
Charles Manners, Strategic Minerals executive chairman, stated: "We believe the strengths and investment case for Redmoor have been clearly demonstrated through this investment. The U.S. Government has in recent weeks made significant investments to support allied, western world tungsten supply chains.
We would like to thank the U.S. Government for this investment, and we look forward to working with them as we deliver this transformation project." Dennis Rowland, Cornwall Resources Limited managing director, added: "This transformational funding to CRL will add significant momentum and support for Redmoor's accelerated development. The program has expanded significantly in the last two years and is now delivering the largest continuous diamond drilling program from surface drilled in Cornwall, designed to facilitate data collection for the project's feasibility studies." Following the announcement, Strategic Minerals' stock gained 14 percent in London trading on September 28, 2026.
The company carries a market capitalization of £168.6 million, equivalent to approximately $223 million.
Source: mining.com